Toyota gets its first rating downgrade in 10 years

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Toyota still has the best ratings of any carmaker but is suffering like its rivals as the slump in US sales drags down the industry's profits. The cut in ratings could make this worse because it will make it more expensive for Toyota to borrow money on the world's financial markets in order to offer consumers low-cost loans to buy vehicles.

The group is this year expected to topple General Motors' 77-year reign as the world's largest car and truckmaker. But as Toyota shares dropped almost 5% on the news, analysts warned it could not escape the crisis.

"Toyota is suffering severely from the ongoing turmoil in the global automotive sector," said Fitch's Tatsuya Mizuno. "The negative developments in the industry are so substantialthat even the strongest player, Toyota, can no longer support a AAA rating."